We have all heard that we should save for a rainy day and yet the word Savings, is so daunting. A fellow Peer Money Mentor explained it in these simple terms: “Savings are an invisible promise; whereas spending, is quick and tangible (Peyton Watts).” Well, while it is awesome acquiring a much wanted item, it is also awesome to have money saved in case of an unexpected emergency. What’s more awesome is that ACC has a program that helps you as a student set up a savings account and they even deposit up to $100 into the account if you follow some simple steps. This amazing program is called the Rainy Day Savings Program. Lisa and I wanted to share our personal stories of how this program helped us when we needed it the most.
Krishna’s Rainy Day Savings Account story- My story is simple, I followed all the steps to get the cash incentives, up to $100. The cash was deposited directly into my account. With focused effort on my part, I was able to save $500. Another approach that I am taking to savings is not utilizing my federal grant money. So, this isn’t easy, but I am paying for my classes out of pocket. I know what y’all are thinking, why am I paying for school out of pocket when I qualify for grants? Well, fact is I am trying to finish my degree with as little debt as possible and unfortunately I used up part of my grants unwisely when I first started school. I have 6 academic years of federal Pell Grants available to me. My goal is to save that funding to aid me in paying for the 4-year university that I plan to attend. The Rainy Day Savings Program helped me pay for my summer classes. And now that I am back in school, I have found other ways to pay for my classes and maintain a healthy savings account.
Lisa’s Rainy Day Savings Account story- I started the saving’s program initially “just to get the extra cash$”. The program requires that you complete a direct deposit to get one of the $25 deposits, so I did. I figured $30 a pay period was an amount, I wouldn’t notice. Before I knew it, I had saved over $700 and received all of the incentives from the program, $100 in total. Unfortunately, I ended up having a dental emergency that I could not financially cover. Fortunately, I was able to use the money that I saved through the Rainy Day Savings Program to get much needed dental work done. The Student Money Management Office’s Rainy Day Savings program helped me when I was in a crunch for extra cash. I have started to save again and will continue to utilize this account for any Rainy Day that may come.
Last year alone, the Rainy Day Savings Program helped 95 ACC students save over $44,000! So what are you waiting for? You get free money to set up something that will help you in the long run and they do all the hard work for you by getting the ball rolling. To apply for the Rainy Day Savings Program, click here.